Based on information Journal Entries below can someone provide me with the closing entries, the 2015 Balance Sheet and a 2015 Statement of Revenues, Expenditures, and Changes in Fund balance.
Note:
Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance.
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Journal Entry
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Reference
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Account Titles
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Debits
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Credits
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a)
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Estimated Revenues Control
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11,250,000
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Appropriations Control
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9,300,000
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Estimated Other Financing Uses Control - Tranfers Out
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1,700,000
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Budgetary Fund Balance
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250,000
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1)
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Encumbrances Control (Prior Year)
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17,000
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Budgetary Fund Balance - Reserve for Encumbrances
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17,000
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2)
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Deferred Inflows - Property Taxes
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21,000
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Revenues Control
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21,000
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3)
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Taxes Receivable - Current
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6,800,000
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Estimated Uncollectible Current Taxes
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136,000
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Revenues Control
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6,664,000
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4)
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Cash
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500,000
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Tax Anticipation Notes Payable
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500,000
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5)
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Budgetary Fund Balance - Reserve for Encumbrances
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17,000
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Encumbrances Control
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17,000
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Expenditures Control
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16,600
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Accounts Payable
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16,600
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6)
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Accounts Payable
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115,600
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Due to Other Funds
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27,000
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Cash
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142,600
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7)
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Cash
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10,811,500
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Interest and penalties receivable
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3,500
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Taxes Receivable - Current
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6,400,000
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Due from State
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210,000
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Revenues from licenses and permits
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800,000
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Sales Tax Receivable - current
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2,890,000
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Misc Revenues
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350,000
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Taxes Receivable -
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158,000
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8)
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Encumbrances
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3,465,000
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Fund Balance Reserved for Encumbrances
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3,465,000
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9)
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Expenditures
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5,070,000
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Federal Income Tax Withheld
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498,000
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FICA Contribution
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357,000
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Cash
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4,215,000
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10)
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Due to Federal Government
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385,000
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FICA Contribution (City's Part)
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357,000
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State unemployment taxes
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28,000
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11)
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Fund Balance Reserved for Encumbrances
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3,375,300
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Expenditures
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3,375,300
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Encumbrances
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3,375,300
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Accounts Payable
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3,375,300
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12)
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Tax Anticipation Notes Payable
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500,000
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Expenditure
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18,000
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Cash
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518,000
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13)
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Estimated Fund
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332,000
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Unreserved fund balance
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332,000
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14)
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Expenditures
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350,200
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Water and Sewer
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37,000
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Stores and Services Fund
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313,200
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Stores and Services Fund
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310,000
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Cash
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310,000
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15)
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Sales Tax Receivable
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52,000
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Revenue
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52,000
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16)
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Accounts Contract Payable
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3,015,000
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Cash
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3,015,000
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Federal Income Tax Withheld
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498,000
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FICA Contribution
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357,000
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FICA Contribution (City's Part)
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357,000
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State unemployment taxes
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28,000
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Cash
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1,240,000
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17)
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Estimated Revenue
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73,000
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Fund for Appropriations (Budgetary Fund)
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139,000
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Appropriations
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212,000
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18)
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Property Taxes Receivable- Delinquent
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51,000
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Interest and penalties receivable on taxes - Delinquent
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1,600
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Property Tax Receivable
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51,000
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Interest and penalties receivable on taxes
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1,600
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19)
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Interest and penalties receivable on taxes
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17,200
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Estimated Uncollectable Taxes
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1,100
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Revenue
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16,100
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20)
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Deferred Revenue (Estimated Revenue)
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27,500
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Tax Receivable
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